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Friday, 22 July 22
MARKET INSIGHT - INTERMODAL
 Faced with uncertainty regarding the most cost-efficient alternative fuels and the future dominant method to reduce their greenhouse emissions, many owners abstain from the newbuilding realm, especially in the wet and dry sector, while sticking to ageing fleets. During 1H22, fleet grew by 1.4% (est. 2.8% in 2022), which is way below the 10-year average growth of 3.6%. While new orders are not coming in fast enough to halt the trend of an ageing fleet, the introduction of EEXI, CII and EU ETS at the beginning of 2023, has resulted in a record of 61% of newbuild orders being alternative fuelled.
According to our data, tanker fleet renewal remains muted across 1H22. Overall, 31 vessels have been ordered within 2022 in the wet sector (with the orderbook standing at 5% of fleet capacity), of which 1 is methanol & ammonia ready, 1 is methanol fuelled, 2 are battery powered and 2 are LNG fuelled. With risks to the tanker demand still prevailing on the back of macroeconomic factors and high oil prices, the tanker market has witnessed significantly improved conditions in recent months, underpinned by shifts in trade patterns resulting in tonne-mile increase. Low stocks, paired with high refinery margins are expected to further boost trade growth in seaborne volumes and tonne-miles and contribute to the revival of an ageing fleet.
On the dry front, contracting activity hit low levels, partly on the back of uncertainty over decarbonization trends. Current orderbook stands at 7% of the fleet capacity, marking a 30-year low, which suggests a very limited growth capacity. According to our records, 85 bulkers have been ordered during 1H22, of which 5 are LNG fuelled or dual-fuelled, 3 being ammonia-ready/fuelled and 25 meeting EEDI phase 3 standards. Overall, 14 % of the total orderbook are alternative fuel capable, with Capesize segment leading the decarbonization pathway.
On the container front, however, the market sentiment is bullish with an orderbook at 28% of the fleet capacity. Amid disruptions to the world trade caused by the pandemic and a shortage of new vessels, freights have been rallying and therefore, fuelling owners’ appetite for boxhsips, which has prevailed during 1H22. More specifically, out of the total of 295 vessels ordered, 57 are dual-fuelled and LNG fuelled, 32 are methanol and ammonia-ready, while 31 meet EEDI phase 3 standards.
Newbuilding ordering activity has further been supported by the recent spree in LNG contracts. According to our data, contracting activity in the sector hit record highs with a total of 112 new vessels ordered within 2022, boosting the orderbook to 37% of the fleet capacity. Berths for the Qatar LNG project are monopolizing the owners’ interest, providing further support to the market. Out of the total of 112 vessels, 32 are booked for the Qatari project and 6 of them are dual or LNG-fuelled. Further supported by growth in LNG tonne-mile trade on the back of the sanctions on Russian gas from EU/US, and the recently announced plan for expansion of Qatar’s mega-plant and Cheniere’s Corpus Chritsti plant, market sentiment for LNG contracting activity remains firm.
By Chara Georgousi
Research Analyst
Compiled by:
Intermodal Research & Valuations
Analysts:
Yiannis Parganas
Tamara Apostolou
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Friday, 08 July 22
AUSTRALIAN COAL PRICE BREAKS AGAIN LEVEL US$ 400/TON!, UP AROUND 4% - CNBC INDONESIA
Coal prices shot up again and crossed the level of US$ 400 per ton. On Thursday (7/7/2022) trading, the selling price of August contract closed at ...
Friday, 08 July 22
INDONESIA MULLS MORE FREQUENT SETTING OF CRUDE PALM OIL REFERENCE PRICE - REUTERS
Indonesia is considering setting its crude palm oil (CPO) export reference price every two weeks instead of monthly, a senior trade ministry offici ...
Friday, 08 July 22
BUNKER PRICES EXPECTED TO RECOVER LOST GROUND NEXT WEEK - SERGEY IVANOV, MABUX
Over the Week 27, the world bunker indices showed a sharp decline, primarily due to the fall in oil prices on July 05. The 380 HSFO index fell by 5 ...
Thursday, 07 July 22
NTPC MINES 61% MORE COAL AT 4.22 MN METRIC TONNES IN APRIL-JUNE: PTI
State-owned power giant NTPC on Tuesday said that its coal output grew by 61 per cent to Rs 42.40 lakh metric tonnes in April-June quarter from 26. ...
Thursday, 07 July 22
COAL INDIA'S PRODUCTION SETS RECORD INCREASE OF 29% YOY AT 36 MT IN Q1FY23 - IIFL SECURITIES
Coal India Limited (CIL) has ended April-June quarter FY’23 capping a historic high of 29% yoy output growth, compared to same quarter FY&rsq ...
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- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- ICICI Bank Limited - India
- Minerals Council of Australia
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
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